5 Best Businesses To Start (Cheap) Today
Welcoming in the new year is a celebratory event for most people. However, for entrepreneurs, or rather future entrepreneurs, the new year is often faced with frustration in identifying future low-cost business prospects. A common reason for this frustration is that there are so many business opportunities, it is hard to select just one. To help prospective entrepreneurs narrow down their scope of choices, I have identified five low-cost business opportunities to help start generating revenue quickly.
#5 Auto detailing - Auto detailing is a popular business often started by young entrepreneurs in high school or college. For this business, entrepreneurs need to do some research related to best products for cleaning the interior and exterior of vehicles. With this research concluded, take action to obtain the best products for your business and start marketing your services.
#4 Social Media Management - Social media management is probably the fastest growing entrepreneurial opportunity that I know of. From my personal experience, as an entrepreneur, I have difficulty keeping up with daily postings to various social media outlets. However, I am well aware of the importance for keeping customers engaged through the use of social media. This sets up a conundrum as to where my priorities lie. Young entrepreneurs offering services related to creating and dispensing quality content on social media for businesses may be an excellent option for entrepreneurs such as myself. In return, motivated entrepreneurs gain profits through their in-depth knowledge of the industry.
#3 Cooking - Cooking may seem to be an unusual entrepreneurial venture. For most of us, we view cooking as part of the restaurant or fast food service industries. However, cooking tutorials posted on websites such as Facebook and YouTube have gained loyal followings. This has led entrepreneurs to gain profits through paid advertising. So, if you have grandma’s special barbeque sauce recipe is stashed in a drawer, now may be to the time to share it.
#2 Virtual Assistant – A virtual assistant takes calls, returns emails, and responds to text messages for busy small business owners. Further, virtual assistants conductor this important job from the comfort of their own homes. In my opinion, this is a win-win situation for both parties. Virtual assistants get the experience of starting their own business, whereas current business owners gain freedom to exploit market opportunities in their area of expertise.
#1 Fix broken iPad and iPhone screens - This one is by far my favorite. Who does not know someone that has broken their screen for their iPad or iPhone. Heck, any mobile phone at all. With an investment of approximately $50 and 20 minutes time watching various YouTube videos, entrepreneurs may exploit this market opportunity. An especially interesting twist for this market opportunity may be to advertise to purchase phones with broken screens. The upfront cost may be moderate. However, reselling operating iPhones at a discount may prove quite lucrative.
Author: Paul Borosky, MBA. ABD.
Owner of Tutor4finance.com, TutorWithPaul.com, and QualityBusinessPlan.com
Date: January, 2018